Financial Daily from THE HINDU group of publications
Saturday, May 11, 2002
Financial Daily from THE HINDU group of publications Saturday, May 11, 2002 |
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Markets
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Stock Markets Columns - Ear to the ground NIIT down on broker problems
IT major and computer education company NIIT has been witnessing selling pressure in the last few days. On Friday, the stock was down 4.55 per cent to Rs 241.40 on the BSE with volumes of 14.93 lakh shares. On the NSE, it was down 4.96 per cent at Rs 240 with trading volumes of 40.19 lakh shares. The stock fall was on rumours that a leading operator in NIIT shares, with large holding, was facing financial problems. Talk that the proposal by Chrysalis Capital to hike its stake in NIIT up to 15 per cent had been shelved also added to the bear pressure, with leading players offloading their holdings.
Tata Engg rises on export order talk
AUTOMOBILE major Tata Engineering shares have been slowly moving higher. In the last few days, a number of institutional investors were seen actively accumulating the stock. The upbeat mood on the counter flowed from the market talk that the company would shortly be getting export orders from leading carmaker, Rover. Dealers said in case the export order came through, it would give a big boost to Tata Engineering shares. . With domestic sales for Indica cars growing every month, analysts see further growth in the months to come. On Friday, Tata Engineering ended 0.32 per cent higher on the BSE at Rs 140.15 with volumes of 5.20 lakh shares. On the NSE, it ended 0.12 per cent higher at Rs 140 with volumes of 13.37 lakh shares.
Satyam falls on FII selling
SATYAM Computer was among the main IT stocks to see heavy selling on Friday. Dealers said a leading FII sold around 10 lakh shares of Satyam.. Some other FIIs were also understood to have sold smaller quantities of shares. Satyam Computer was down 1.34 per cent on the BSE at Rs 256.55 and 1.69 per cent lower at Rs 256.05 on the NSE.
Virendra Verma
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